WEBVTT Kind: captions; Language: en 00:00:00.000 --> 00:00:04.001 What I thought I'd do is quickly go through kind of how the Internet Archive has 00:00:04.001 --> 00:00:07.000 been using Bitcoin and having just a great time with it. 00:00:07.001 --> 00:00:12.001 But really wanted to end with Jordan, who's running the Internet Credit Union, 00:00:13.000 --> 00:00:16.000 which is our trade name for the Internet Archive Federal Credit Union. 00:00:16.001 --> 00:00:21.001 And we started building that a couple years ago, just in case we needed a bank. 00:00:21.001 --> 00:00:25.000 And I think we've now started to find why we might need one. 00:00:25.000 --> 00:00:31.001 So I would like to end with enough time to go and see if there's any ideas of 00:00:31.001 --> 00:00:35.000 what it is we can do collectively. 00:00:35.001 --> 00:00:39.000 What are some more of the pieces missing to make this ecology actually work? 00:00:39.001 --> 00:00:42.000 So, okay, so Internet Archive, what are we? 00:00:42.001 --> 00:00:45.000 We're a nonprofit library. We're based in San Francisco. 00:00:45.001 --> 00:00:47.001 We've been around since 1996. 00:00:48.001 --> 00:00:50.001 We started by collecting the World Wide Web. 00:00:50.001 --> 00:00:53.000 And now we collect a whole pile of other 00:00:53.000 --> 00:00:55.000 things, too, and we give everything away. 00:00:55.001 --> 00:01:02.001 So I think of ourselves in sort of the company of the Wikipedia's, the 00:01:02.001 --> 00:01:06.001 Electronic Frontier Foundation's, the Public Library of Science, sort of these 00:01:06.001 --> 00:01:12.000 Internet-oriented organizations designed specifically for the Net. 00:01:13.000 --> 00:01:16.000 Just to sort of flip through, we've got a lot of software 00:01:16.000 --> 00:01:17.001 titles that are available for free. 00:01:17.001 --> 00:01:22.000 We now have a physical book archive of 600,000 books trying to get to 10 million. 00:01:23.000 --> 00:01:28.001 We have moving image collection on the archive. org site that people can go to and 00:01:28.001 --> 00:01:32.001 download, watch, play with, cut, paste, do whatever they want with. 00:01:33.000 --> 00:01:39.001 And you can also upload your own. So you can go to archive.org, hit 00:01:39.001 --> 00:01:41.000 upload, and upload to it. 00:01:41.000 --> 00:01:44.000 Now you say, well, isn't that what YouTube does? 00:01:44.000 --> 00:01:45.001 And it's absolutely what YouTube does. 00:01:45.001 --> 00:01:49.001 But people use us for fairly different sorts of things, usually longer form 00:01:49.001 --> 00:01:52.000 things or things in really higher res or 00:01:52.000 --> 00:01:53.001 things you want people to be able to download. 00:01:54.001 --> 00:01:56.001 And it's much more of a sort of a library, if you will. 00:01:57.000 --> 00:02:03.001 We have audio recordings. We've got 100,000 live concert recordings. We have 00:02:03.001 --> 00:02:05.000 everything The Grateful Dead ever did. 00:02:05.000 --> 00:02:10.000 And about 5,000 other bands. We have also 00:02:10.000 --> 00:02:16.000 Net labels and 78 RPM records and lots 00:02:16.000 --> 00:02:18.000 and lots and lots of audio. 00:02:19.000 --> 00:02:22.000 Television, we have 2 million hours of television. We started 00:02:22.000 --> 00:02:24.000 recording television in the year 2000. 00:02:24.001 --> 00:02:29.001 Russian, Chinese, Japanese, Iraqi, Al Jazeera, BBC, CNN, ABC, Fox. 24 00:02:29.001 --> 00:02:31.000 hours a day DVD quality. 00:02:31.000 --> 00:02:38.000 And we've made about four years of it available searchable on the internet 00:02:38.000 --> 00:02:41.000 of the television news to try to make everyone into 00:02:41.000 --> 00:02:42.001 a John Stewart research department. 00:02:43.000 --> 00:02:45.001 So basically you can go and search what 00:02:45.001 --> 00:02:47.001 people said and be able to pull out clips. 00:02:47.001 --> 00:02:52.000 If you want the full thing, you can go and borrow a DVD from us of it. 00:02:52.000 --> 00:02:56.000 And the whole reason why we're sort of doing sort of clunky of why borrow a DVD 00:02:56.000 --> 00:03:02.001 is to basically come up with a respectful way of dealing with the producers 00:03:02.001 --> 00:03:06.001 and the stations so that they don't sue us into oblivion. 00:03:07.000 --> 00:03:10.001 And the idea is, you know, what's the right balance in all of this? 00:03:12.001 --> 00:03:17.000 So we have electronic books. We basically digitize 1,000 books every day. 00:03:17.001 --> 00:03:21.000 And we make them freely, publicly available for bulk download. 00:03:21.000 --> 00:03:23.000 There's a Google project that's working with a bunch of 00:03:23.000 --> 00:03:25.000 libraries, but those are all locked up. 00:03:25.001 --> 00:03:29.000 So you can get them onesie-twosie, but even the public 00:03:29.000 --> 00:03:31.000 domain you can't download in bulk. 00:03:32.000 --> 00:03:37.001 And then there's the in-copyright materials, which we lend to people, at least 00:03:37.001 --> 00:03:39.000 during the 20th century materials. 00:03:39.001 --> 00:03:43.001 We lend one copy at a time to people, and it's all working just fine. 00:03:43.001 --> 00:03:45.001 So we work with about 500 libraries to do this. 00:03:45.001 --> 00:03:47.001 And we have lots and lots of web pages. 00:03:47.001 --> 00:03:51.000 Have people used the Wayback Machine? Do you know what this is? 00:03:51.001 --> 00:03:55.001 So the Wayback Machine on archive. org, you can go and type in a URL and 00:03:55.001 --> 00:03:57.000 see the web as it was. 00:03:57.001 --> 00:03:58.001 And it's getting big. 00:03:59.000 --> 00:04:03.001 We collect a snapshot of every web page from every website every two 00:04:03.001 --> 00:04:05.001 months, and we have since 1996. 00:04:06.001 --> 00:04:09.001 So the idea is, like the search engines, they go and crawl the web. 00:04:09.001 --> 00:04:13.000 We do, and then we capture it, and then we make it into the Wayback Machine. 00:04:13.001 --> 00:04:15.000 And so this is a free service. 00:04:15.000 --> 00:04:19.001 Okay. So what did we do with Bitcoin? 00:04:20.001 --> 00:04:23.001 Well, it seemed like a very internet-oriented thing, and some of the people at 00:04:23.001 --> 00:04:28.000 the Internet Archive, Gordon Moore and Edward Betts, were sort of doing things on 00:04:28.000 --> 00:04:29.001 the side with it. 00:04:30.000 --> 00:04:33.001 And then people started writing us in 2011 said, can we 00:04:33.001 --> 00:04:35.001 donate Bitcoins to the Internet Archive? 00:04:35.001 --> 00:04:38.000 Electronic Frontier Foundation and Wikipedia won't allow it. 00:04:38.001 --> 00:04:41.001 You know, if you allow us to download, if you allow us to 00:04:41.001 --> 00:04:43.001 donate Bitcoins, we'll donate. 00:04:43.001 --> 00:04:45.001 And I used it as a test. 00:04:46.000 --> 00:04:50.000 So I gave it to our head of administration to try to figure out how to go and 00:04:50.000 --> 00:04:54.001 accept Bitcoin donations with no programmers. 00:04:55.000 --> 00:04:58.000 Right? She had no programmer help. She has to figure this out. 00:04:58.000 --> 00:05:00.000 If we get to figure that out, then we're on. 00:05:00.001 --> 00:05:04.001 And she did. She downloaded Bitcoin-QT and ran it for whatever it was, a day and 00:05:04.001 --> 00:05:07.001 a half back then, and caught up. 00:05:07.001 --> 00:05:11.001 And we got about $2,000 worth of donations. That was pretty cool. 00:05:11.001 --> 00:05:16.000 And last year, 2012, did it again. We got about $6,000. 00:05:16.001 --> 00:05:21.000 So I had gone and tried out the whole Mt. Gox thing and tried to transfer $100. 00:05:21.000 --> 00:05:22.001 And that was really hard to do. 00:05:23.001 --> 00:05:25.001 And so it was like, wow, this thing is still really clunky. 00:05:26.000 --> 00:05:28.001 But it seemed to really change in the beginning part of this year. 00:05:29.000 --> 00:05:32.000 But we had all of these Bitcoins, and instead of going and just running back to 00:05:32.000 --> 00:05:34.000 Mt. Gox and turning it in, we said, why don't we go 00:05:34.000 --> 00:05:36.000 and do something more fun with it? 00:05:36.000 --> 00:05:42.000 And I asked our CFO, could we go and pay our employees, 00:05:42.001 --> 00:05:46.000 optionally, however much they wanted, in Bitcoin? 00:05:47.000 --> 00:05:49.000 He turned kind of white and said no. 00:05:50.001 --> 00:05:54.001 And then a couple weeks later, he said, okay, I think I figured out how to do it. 00:05:55.000 --> 00:06:01.001 And so on April 1st, we offered however much people wanted in Bitcoins. 00:06:01.001 --> 00:06:07.001 And about a third of our headquarters employees said, sure, I'll go and take some 00:06:07.001 --> 00:06:11.000 Bitcoins and $100, $200. 00:06:12.000 --> 00:06:15.000 And so they got these things and was, wow, that's 00:06:15.000 --> 00:06:18.000 cool. Now what do we do with it? 00:06:19.000 --> 00:06:25.000 And so we made a Bitcoin to cash converter box. This is an honor-based ATM. 00:06:26.000 --> 00:06:28.000 It's the lowest tech thing you'll ever see. 00:06:28.000 --> 00:06:32.001 But it's completely fun. It's a little open cash box in front of a computer. 00:06:33.000 --> 00:06:37.000 And so you go over and you use your QR code or whatever to go and convert back 00:06:37.000 --> 00:06:38.001 and forth however you want. 00:06:39.001 --> 00:06:43.001 When I wrote about this and put it on a blog, there was some of the comments 00:06:43.001 --> 00:06:45.000 back I thought were really interesting. 00:06:45.000 --> 00:06:47.000 One was like, you're going to be ripped off immediately. 00:06:48.000 --> 00:06:52.000 And it's like, there was sort of this presumption of no trust, right? 00:06:52.000 --> 00:06:55.000 Because Bitcoin has sort of been forged in the land of no trust. 00:06:57.000 --> 00:07:00.001 And I'm glad that it actually works in a land of 00:07:00.001 --> 00:07:02.001 no trust, but I live in a land of trust. 00:07:02.001 --> 00:07:05.000 So I said, okay, I'll bet you a nickel, a Bitcoin nickel, 00:07:05.000 --> 00:07:07.000 that nobody's going to rip it off. 00:07:07.001 --> 00:07:11.001 He didn't take me up on it. So it's still up and running. 00:07:11.001 --> 00:07:17.000 And the other thing we did is we got the Nextdoor Sushi place to take Bitcoins. 00:07:17.000 --> 00:07:23.000 And so they figured out how to take Bitcoins and 00:07:23.000 --> 00:07:25.000 posted a little Bitcoin thing. 00:07:25.001 --> 00:07:30.000 And this was my first bill that I'd ever gotten denominated in Bitcoin. 00:07:30.000 --> 00:07:31.001 And so I actually eat sushi a lot. 00:07:32.001 --> 00:07:39.000 And when Cashmere was doing the Forbes Live on Bitcoin for a week article, it was 00:07:39.000 --> 00:07:41.000 the only place that sort of natively accepted 00:07:41.000 --> 00:07:43.000 Bitcoins except for the cupcake place. 00:07:43.000 --> 00:07:50.000 And this is Cashmere, me, sort of staring over as she took out 00:07:50.000 --> 00:07:53.001 a very large crowd of people to a Bitcoin meal. 00:07:54.000 --> 00:07:59.000 There was about 60 of us sort of the converged. It was just completely fun. 00:07:59.001 --> 00:08:03.000 Okay. So the idea here of why, you know, okay, it's kind of fun and games. 00:08:03.000 --> 00:08:05.000 And actually, I think it's the best show in town. 00:08:05.001 --> 00:08:07.000 We've just been having a blast with it. 00:08:07.000 --> 00:08:10.001 So that's important, right? You should have your revolutions be fun. 00:08:11.001 --> 00:08:18.000 But another aspect is to try to find how do we recast a Bitcoin technology that 00:08:18.000 --> 00:08:23.000 has been, you know, mostly sort of thought about in negative light in terms of 00:08:23.000 --> 00:08:25.001 what it is you can buy, and how can you go and use it for something 00:08:25.001 --> 00:08:27.001 kind of more mainstream? 00:08:28.000 --> 00:08:30.000 And how do we really use it? 00:08:30.000 --> 00:08:32.001 And for us, it's really mostly a transaction system. 00:08:32.001 --> 00:08:35.001 It's not a speculation system, at least for me 00:08:35.001 --> 00:08:37.000 personally and for the organization. 00:08:37.001 --> 00:08:40.000 It's just trying to make it easier to transact. 00:08:40.000 --> 00:08:45.000 So when we did a movie at the Internet Archive, the Anonymous documentary, which 00:08:45.000 --> 00:08:49.001 is a great movie, Brian Nattenberger documentary on 00:08:49.001 --> 00:08:52.000 Anonymous, we accepted Bitcoins. 00:08:53.000 --> 00:08:56.000 And it was mostly an education thing because only I think five people 00:08:56.000 --> 00:08:57.001 came and did Bitcoins. 00:08:58.000 --> 00:09:02.001 But I think it's sort of something that we can do as the Internet Archive, and we 00:09:02.001 --> 00:09:05.001 can do in more and more of our companies, even if you're not in a Bitcoin 00:09:05.001 --> 00:09:10.000 dedicated company, you know, set up a Bitcoin converter box. It's pretty fun. 00:09:10.001 --> 00:09:15.001 So this is sort of where we'd gotten to, but we'd also been doing something quite 00:09:15.001 --> 00:09:17.000 a bit earlier. 00:09:18.000 --> 00:09:23.000 One was to start up, a couple of years ago, we decided to start up a credit 00:09:23.000 --> 00:09:25.001 union, the Internet Archive Federal Credit Union. 00:09:26.000 --> 00:09:31.001 And the idea of this is, well, I didn't like banks very much, so why don't we go 00:09:31.001 --> 00:09:33.001 and do something about it rather than just complain? 00:09:33.001 --> 00:09:38.000 And it thought it would take quite a while to do. 00:09:38.001 --> 00:09:41.000 And actually, good news is we're really getting there. 00:09:41.001 --> 00:09:48.000 It's just coming around now, and this is the first time this hasn't even arrived. 00:09:48.000 --> 00:09:50.000 It's on a little palette there. 00:09:50.001 --> 00:09:56.001 So our first Internet credit union, which is the trade name for it, now has 00:09:56.001 --> 00:10:02.001 an ATM that will arrive in a couple of weeks. 00:10:02.001 --> 00:10:09.000 And we have now debit cards. And so it's happening. 00:10:09.001 --> 00:10:10.001 So it's completely fun. 00:10:11.000 --> 00:10:17.000 And when the bunch of lawsuits, or not lawsuits, I guess the bank closings or the 00:10:17.000 --> 00:10:22.000 hassles that the exchanges have had that have been going on, we thought, you 00:10:22.000 --> 00:10:25.001 know, this might be the time that the Internet really needs a credit union. 00:10:25.001 --> 00:10:30.000 And we'll play sort of the role the Internet Archive has played in other areas by 00:10:30.000 --> 00:10:35.001 going, you know, embracing BitTorrent for distributing millions of legal things, 00:10:35.001 --> 00:10:38.000 petabytes of material, da-da-da-da-da. 00:10:38.001 --> 00:10:42.001 Maybe there's something that the Internet Archive can do to help the structural 00:10:42.001 --> 00:10:47.001 part of the Bitcoin universe. 00:10:48.000 --> 00:10:52.000 So I would like to introduce Jordan Modell. 00:10:52.000 --> 00:10:55.000 He'll take over who's been building this. 00:10:55.001 --> 00:10:58.000 And you can actually go and sign up. 00:10:58.001 --> 00:11:00.000 I hope that a few of you do. 00:11:00.000 --> 00:11:02.000 I hope that a lot of you don't. 00:11:02.001 --> 00:11:03.001 So it's early. 00:11:05.001 --> 00:11:08.000 So don't blog about it, please, yet. 00:11:09.000 --> 00:11:14.001 But if you go to a search on Internet Credit Union or IAFCU.org, 00:11:16.000 --> 00:11:17.001 please try to sign up. 00:11:18.001 --> 00:11:18.001 [...] 00:11:18.001 --> 00:11:19.000 [...] 00:11:19.000 --> 00:11:19.001 Yay. 00:11:24.000 --> 00:11:26.001 So Brewster is being a little kind. 00:11:27.001 --> 00:11:31.000 We ended up starting the credit union in part because 00:11:31.000 --> 00:11:32.001 I had started my career in banking. 00:11:33.001 --> 00:11:37.000 And for 20 years I had to endure Brewster saying, banks suck. 00:11:39.000 --> 00:11:42.001 And you should just, we need to build our own, right? 00:11:42.001 --> 00:11:48.000 And so one of the interesting little statistics that got us to finally go over 00:11:48.000 --> 00:11:51.000 the edge and finally say, okay, Brewster, well, let's take a look at this and see 00:11:51.000 --> 00:11:56.001 if we can build something that's good, was in 2011, if you took a look at the 00:11:56.001 --> 00:12:01.001 bonuses paid out to the big banks, it was $143 billion in bonuses alone. 00:12:02.000 --> 00:12:03.000 Not salaries, bonuses. 00:12:03.001 --> 00:12:06.000 If you took a look at the total indebtedness of all 50 00:12:06.000 --> 00:12:07.001 states, it was $130 billion. 00:12:08.000 --> 00:12:10.001 So you could have paid off the debt of every single state 00:12:10.001 --> 00:12:12.000 in the United States, which is the bonuses. 00:12:12.001 --> 00:12:15.001 So we decided, okay, let's build something that's fun. 00:12:15.001 --> 00:12:16.001 Let's build something that's useful. 00:12:18.000 --> 00:12:19.001 And let's build something that doesn't suck. 00:12:20.001 --> 00:12:24.000 So our first name, actually, we had a naming contest, and what 00:12:24.000 --> 00:12:25.001 was winning at the time was, we don't suck. 00:12:26.000 --> 00:12:28.000 But we talked to the NCOA, who are the regulators, and they 00:12:28.000 --> 00:12:30.000 said, you really can't use that name. 00:12:30.000 --> 00:12:34.001 Why don't you try Internet Credit Union? 00:12:35.001 --> 00:12:38.001 So the cute little sign, let's see if this works, all right? 00:12:38.001 --> 00:12:39.001 So I'm seeing if this works. 00:12:39.001 --> 00:12:42.001 So I don't know, show of hands, how many of you really know? 00:12:43.000 --> 00:12:44.000 I wonder if the audio works. 00:12:44.001 --> 00:12:46.001 Let's see if the audio works, okay? 00:12:47.000 --> 00:12:48.001 Quick show of hands, how many people of 00:12:48.001 --> 00:12:50.000 accountant of the credit union know what a credit union is? 00:12:51.000 --> 00:12:51.001 See, that's good. 00:12:52.000 --> 00:12:53.000 All right, we like you. 00:12:54.000 --> 00:12:58.001 So what made us decide that we did the right thing was, when we were doing this, 00:12:58.001 --> 00:13:03.001 I was giving another speech, and there were a series of wonderful videos on 00:13:03.001 --> 00:13:06.000 credit unions, except the total was about 16 minutes long. 00:13:06.001 --> 00:13:09.001 So I called up the CMO of the credit union, which was in Vancouver, and 00:13:09.001 --> 00:13:11.001 said, hi, I really love your videos. 00:13:12.000 --> 00:13:13.000 Can you send all of them to me? 00:13:13.000 --> 00:13:13.001 I'm going to cut them down. 00:13:14.000 --> 00:13:14.001 I'm not going to give you 00:13:14.001 --> 00:13:16.000 credit, and I'm going to speak at a conference about it. 00:13:16.000 --> 00:13:16.001 And they said, sure. 00:13:17.000 --> 00:13:20.000 And the next day, I had a DVD with all the videos. 00:13:20.000 --> 00:13:22.001 And I always imagined myself, say, so I work for Citibank, right? 00:13:22.001 --> 00:13:24.001 Calling up Citibank going, love your commercial. 00:13:24.001 --> 00:13:27.000 I'd like to take it, cut it, and before you got the end of that 00:13:27.000 --> 00:13:28.001 sentence, a lawyer would be at your door, right? 00:13:28.001 --> 00:13:32.000 So let's see if this actually works from an audio perspective. 00:13:34.001 --> 00:13:35.000 [...] 00:13:35.000 --> 00:13:37.000 You can deposit your bank in membership. 00:13:37.000 --> 00:13:38.001 The board is also made up of members. 00:13:39.000 --> 00:13:41.000 Decisions are based on what's best for the people. 00:13:41.001 --> 00:13:41.001 [...] 00:13:42.000 --> 00:13:43.000 Banks don't have members. 00:13:43.000 --> 00:13:44.000 They have shareholders. 00:13:44.001 --> 00:13:47.001 Credit unions are based locally, and therefore can make decisions locally. 00:13:48.000 --> 00:13:49.000 A loan, please? 00:13:50.000 --> 00:13:51.000 I don't know. 00:13:52.000 --> 00:13:55.000 Let me just make sure Toronto is okay with that. 00:13:56.000 --> 00:13:57.001 It would be more like this. 00:13:57.001 --> 00:13:59.001 Hi, I'd like a loan, please. 00:14:00.000 --> 00:14:01.001 Okay, I'll help you set it up. 00:14:02.000 --> 00:14:05.001 Credit unions are rated higher for customer service than any of the big banks. 00:14:06.000 --> 00:14:09.001 A lot of it has to do with how each financial institution defines service. 00:14:10.000 --> 00:14:12.000 Credit unions see it as knowing your name and who you 00:14:12.000 --> 00:14:14.000 are, along with your financial goals. 00:14:14.001 --> 00:14:16.000 A similar variation in perspective can 00:14:16.000 --> 00:14:17.001 be noticed with things like community involvement. 00:14:18.001 --> 00:14:20.000 It's all about people helping people. 00:14:20.001 --> 00:14:24.000 So, if helping people was a race, credit unions would be way in the 00:14:24.000 --> 00:14:25.001 lead with nothing holding them back. 00:14:26.000 --> 00:14:29.000 Banks, well, they'd be a little weighed down. 00:14:29.001 --> 00:14:30.001 Thanks for watching. 00:14:33.001 --> 00:14:36.001 So, everything you ever want to know in a credit union, 57 seconds. 00:14:37.001 --> 00:14:39.000 So, quickly about credit unions. 00:14:40.000 --> 00:14:43.000 Some of the things that people may not know is we're not for profit. 00:14:43.000 --> 00:14:44.000 Sorry, okay, back here. 00:14:44.001 --> 00:14:45.001 Okay, we're not for profit. 00:14:46.000 --> 00:14:47.001 We're viewed favorably by most everybody. 00:14:48.000 --> 00:14:51.000 But the cool thing about a credit union is it can't be bought or sold. 00:14:51.000 --> 00:14:55.000 So, if you create a good credit union, no one can come in and say, I'm buying 00:14:55.000 --> 00:14:58.000 your stock and turning you into a bad credit union or an evil credit union. 00:14:58.001 --> 00:15:02.001 So, that's why we can do some of the things that we're doing now in trying 00:15:02.001 --> 00:15:04.000 to reach out to the Bitcoin community. 00:15:05.000 --> 00:15:09.001 There are 94 million members, one in three, and about $847 billion in assets. 00:15:11.000 --> 00:15:12.001 So, what was our quick mission, right? 00:15:13.000 --> 00:15:14.001 We wanted to create an alternative to the big banks. 00:15:14.001 --> 00:15:16.001 We wanted to create a viable open source model. 00:15:17.000 --> 00:15:20.000 And we wanted to deliver low-cost financial services to those who need it. 00:15:20.000 --> 00:15:23.001 Now, I've had funny conversations today with a lot of people. 00:15:24.000 --> 00:15:26.000 And they say, okay, well, what fees do you want to charge? 00:15:26.001 --> 00:15:30.001 And say, well, we're trying out for $2 a month or something like that to folks. 00:15:31.000 --> 00:15:33.000 But the whole goal is to actually get that down. 00:15:33.001 --> 00:15:36.001 And people sort of look at me and go, well, okay, you know, huh? 00:15:37.000 --> 00:15:37.001 You're trying to get that. 00:15:37.001 --> 00:15:40.000 Well, our goal is really not to rip people off, right? 00:15:40.000 --> 00:15:43.001 Our goal is to support Bitcoin in whatever way we can that we can legally do. 00:15:45.001 --> 00:15:46.001 Right now... 00:15:46.001 --> 00:15:47.000 Thank you, thank you. 00:15:49.001 --> 00:15:54.000 So, right now we have a really good time with our regulators. 00:15:54.001 --> 00:15:55.001 The credit unions are pretty interesting. 00:15:56.000 --> 00:15:58.001 They don't go through the Department of Treasury, right? 00:15:59.000 --> 00:16:01.001 Technically, the head of the NCOA, that's our regulatory 00:16:01.001 --> 00:16:03.001 body, reports directly to Obama. 00:16:03.001 --> 00:16:05.000 Now, I don't think she's ever seen Obama. 00:16:05.001 --> 00:16:07.001 But there is nothing in between them. 00:16:08.000 --> 00:16:12.000 So, the regulations are slightly looser than some of the other banks are. 00:16:12.001 --> 00:16:14.001 Plus, we'd like to deal with you, right? 00:16:14.001 --> 00:16:17.001 We'd like to do what we can as long as we don't get closed down. 00:16:18.001 --> 00:16:20.001 So, what does it take to do a credit union? 00:16:20.001 --> 00:16:21.001 Well, first you have to exist. 00:16:22.000 --> 00:16:26.000 It took us two years to get our charter. 00:16:26.001 --> 00:16:28.001 And that, I'm told, was phenomenally fast. 00:16:29.000 --> 00:16:31.000 So, for anybody else who's actually thinking of starting a credit 00:16:31.000 --> 00:16:33.000 union out here, we're happy to help. 00:16:33.000 --> 00:16:34.000 I mean, honestly, you can call me. 00:16:34.000 --> 00:16:35.001 I'll help you with any of the chartering advice. 00:16:36.000 --> 00:16:38.001 But you better believe it's going to be two years plus. 00:16:39.000 --> 00:16:42.000 And the NCOA is a little scary if you say, I 00:16:42.000 --> 00:16:43.001 want to start a Bitcoin credit union. 00:16:44.000 --> 00:16:48.000 They're a little like the Wall Street movement, whatever it's called. 00:16:50.001 --> 00:16:53.001 Occupy Wall Street movement actually tried to start a credit union. 00:16:54.000 --> 00:16:56.001 And I was sitting with an NCOA official when they actually, when their 00:16:56.001 --> 00:16:58.001 application came in, and he burst out laughing. 00:17:00.000 --> 00:17:02.000 So, I'm not, that's a true story. 00:17:02.000 --> 00:17:04.000 I won't say who it was, but he burst out laughing. 00:17:04.001 --> 00:17:06.001 So, we're happy to work. 00:17:06.001 --> 00:17:08.001 It's not something that's an easily accomplished thing. 00:17:09.000 --> 00:17:11.001 But again, if you want to try, we're happy to work with you. 00:17:11.001 --> 00:17:14.000 So, step one is you really have to exist, right? 00:17:16.001 --> 00:17:18.000 Step two, you open accounts. 00:17:18.001 --> 00:17:23.001 So, in our case, we have a low-income charter, which is really good because, one, 00:17:23.001 --> 00:17:26.000 it allows anybody in the U. S. to make deposits with us. 00:17:27.000 --> 00:17:29.001 And two, we actually serve a low-income community. 00:17:29.001 --> 00:17:32.000 In that case, the person standing there is a Mexican Consul 00:17:32.000 --> 00:17:33.001 General who came to our opening. 00:17:33.001 --> 00:17:34.001 So, we open accounts. 00:17:34.001 --> 00:17:35.001 So, that's step two. 00:17:36.001 --> 00:17:37.000 There's four easy steps. 00:17:37.001 --> 00:17:38.001 Three is we change the world of banking. 00:17:38.001 --> 00:17:40.001 Well, we're working on that. 00:17:41.001 --> 00:17:42.001 It's a little slow. 00:17:42.001 --> 00:17:45.000 We would actually like to partner with you on things like that. 00:17:46.000 --> 00:17:46.001 But we're trying. 00:17:47.000 --> 00:17:48.000 And then step four, you dance. 00:17:50.000 --> 00:17:51.000 This is also at our opening. 00:17:52.000 --> 00:17:53.001 So, where do you go from here? 00:17:53.001 --> 00:17:57.000 So, as Brewster said, please sign up as individuals. 00:17:57.000 --> 00:17:58.001 Don't sign up 50,000 people yet. 00:17:58.001 --> 00:17:59.001 But go online. 00:18:01.001 --> 00:18:05.001 If you go into iafcu.org, this is a beta site. 00:18:06.001 --> 00:18:07.001 Brewster is the techie in the family. 00:18:07.001 --> 00:18:09.001 I'm more the marketing person in the family. 00:18:10.000 --> 00:18:11.000 So, if you like the design, that's me. 00:18:11.001 --> 00:18:14.000 But I also put together a whole website. 00:18:14.000 --> 00:18:15.001 So, we take comments and we take them. 00:18:16.000 --> 00:18:17.000 We're happy to get comments from people. 00:18:17.000 --> 00:18:18.001 So, if you're going through the website and you have 00:18:18.001 --> 00:18:20.000 suggestions, it's a beta site. 00:18:21.001 --> 00:18:24.000 So, we're happy to take any and all of your suggestions. 00:18:25.000 --> 00:18:29.000 And as a side note for anybody who's interested, because we are not-for-profit, 00:18:29.001 --> 00:18:34.000 this is our own pitch for money, we reserve the first 5,000 account numbers. 00:18:34.000 --> 00:18:37.000 And we take donations if you want an account number. 00:18:37.000 --> 00:18:39.001 So, for example, 1234 is up for donations. 00:18:40.001 --> 00:18:41.000 Just an FYI. 00:18:42.000 --> 00:18:42.001 All right. 00:18:43.001 --> 00:18:46.001 So, again, our question to you, as opposed to telling you 00:18:46.001 --> 00:18:48.001 is, how can we help the Bitcoin movement? 00:18:49.000 --> 00:18:53.000 Call me, contact me, email me, whatever it is, contact us. 00:18:53.000 --> 00:18:56.001 That's my personal-that's my business email address. 00:18:57.000 --> 00:18:57.001 There's our website. 00:18:58.001 --> 00:18:59.001 And then I think Brewster has one more thing. 00:19:00.001 --> 00:19:01.001 Did you want to talk about engineers? 00:19:02.000 --> 00:19:02.000 Oh, yes. 00:19:02.001 --> 00:19:03.001 They're hiring engineers. 00:19:04.001 --> 00:19:05.000 Well, they are. 00:19:05.000 --> 00:19:06.001 Yes, the Internet Archive is. 00:19:07.001 --> 00:19:09.000 So, that's our shtick. 00:19:09.001 --> 00:19:13.001 And I think we've got still 15 minutes to talk. 00:19:14.000 --> 00:19:16.000 The key thing is, what can we do? 00:19:16.001 --> 00:19:17.000 What should you do? 00:19:17.001 --> 00:19:20.001 How do we go and make this whole thing run better? 00:19:20.001 --> 00:19:21.000 Want to stand up? 00:19:23.000 --> 00:19:24.000 [...] 00:19:24.000 --> 00:19:24.001 Any questions? 00:19:26.000 --> 00:19:26.000 Yes. 00:19:33.000 --> 00:19:36.000 And does the Bitcoin community need a bank? 00:19:37.000 --> 00:19:37.000 How are you? 00:19:39.000 --> 00:19:42.001 And maybe you could stand up and say a little bit of how and why and what and 00:19:42.001 --> 00:19:44.001 -so after the question. 00:19:46.000 --> 00:19:46.001 Yo, Brewster. 00:19:46.001 --> 00:19:47.000 Cool. 00:19:49.000 --> 00:19:50.000 Yo, Brewster. 00:19:50.000 --> 00:19:52.001 Or was it the other gentleman said, go to the thing and sign up. 00:19:53.001 --> 00:19:54.000 That's Jordan. 00:19:54.000 --> 00:19:54.000 I'm Brewster. 00:19:55.001 --> 00:19:57.001 One of you said, go there and sign up. 00:19:58.000 --> 00:20:00.000 So, where's your sign up button? 00:20:01.000 --> 00:20:01.001 Right on there. 00:20:02.000 --> 00:20:04.000 Go on the screen and say- Open an account. 00:20:04.001 --> 00:20:05.000 Open an account. 00:20:05.000 --> 00:20:06.001 It's big and bold right there. 00:20:06.001 --> 00:20:06.001 Good. 00:20:06.001 --> 00:20:08.000 I didn't see the word sign in. 00:20:08.000 --> 00:20:09.001 Tap on the open an account, follow it through, and I will answer it again. 00:20:09.001 --> 00:20:10.000 You see that? 00:20:10.001 --> 00:20:11.001 That's the-anyway. 00:20:11.001 --> 00:20:11.001 That's what we need. 00:20:11.001 --> 00:20:13.001 You know, UI is really, really hard. 00:20:14.001 --> 00:20:17.000 Anybody that says, oh, yeah, yeah, you just make it look like Amazon. 00:20:17.000 --> 00:20:17.001 It'll all just work. 00:20:18.000 --> 00:20:18.001 Yeah, it's really hard. 00:20:19.000 --> 00:20:19.000 I know. 00:20:19.001 --> 00:20:20.000 That's right. 00:20:20.000 --> 00:20:20.001 [...] 00:20:20.001 --> 00:20:22.000 All right. 00:20:25.000 --> 00:20:25.000 Yay. 00:20:26.000 --> 00:20:30.000 Credit unions are better than banks in a lot of respects, and banks do suck. 00:20:31.000 --> 00:20:35.000 So, what makes your credit union different and better than other credit unions, 00:20:35.000 --> 00:20:37.000 like Tech-CU or something like that? 00:20:38.000 --> 00:20:38.001 Okay. 00:20:39.000 --> 00:20:39.001 I can answer. 00:20:40.000 --> 00:20:40.001 We're not. 00:20:41.000 --> 00:20:43.001 And so, that's the wonderful thing about credit unions, right? 00:20:43.001 --> 00:20:45.001 So, there are really three brands of credit unions, right? 00:20:46.000 --> 00:20:47.001 There are little small credit unions that 00:20:47.001 --> 00:20:49.000 we're trying to help that are really struggling. 00:20:49.000 --> 00:20:51.001 There are mid-level credit unions of which we're hoping to be 00:20:51.001 --> 00:20:53.001 part of soon, and we share. 00:20:54.001 --> 00:20:58.000 The furniture in our office was donated by another credit union, right? 00:20:58.000 --> 00:21:01.001 So, we never dish on any other credit union, and then there are some credit 00:21:01.001 --> 00:21:03.001 unions that are actually bank wannabes, right? 00:21:03.001 --> 00:21:04.000 [...] 00:21:04.000 --> 00:21:05.001 Those are the ones you kind of want to stay away from because 00:21:05.001 --> 00:21:08.000 they're going to treat you the same as a big bank with. 00:21:08.000 --> 00:21:09.001 In other words, they're happy to take your fees and 00:21:09.001 --> 00:21:11.000 they'll never give you a loan type of thing, right? 00:21:12.001 --> 00:21:16.000 But we love other credit unions, and we're not trying to say 00:21:16.000 --> 00:21:17.001 that we're better than any other credit union. 00:21:17.001 --> 00:21:19.000 We're just willing to work with you. 00:21:20.000 --> 00:21:25.001 So, an idea on this was to try to start up something new would take a while. 00:21:26.000 --> 00:21:27.001 Jordan was available. 00:21:28.000 --> 00:21:33.000 Let's go and build a piece of potential infrastructure and design it really 00:21:33.000 --> 00:21:35.001 around the mindset of the Internet. 00:21:36.000 --> 00:21:39.001 So, that's the reason why we didn't buy a failing credit union. 00:21:39.001 --> 00:21:42.000 I guess you don't buy them, but you sort of can kind of take them. 00:21:42.000 --> 00:21:45.000 Anyway, if they're going down, then there's ways. 00:21:45.001 --> 00:21:46.001 We didn't do it. 00:21:46.001 --> 00:21:50.001 And we didn't buy a bank or a community bank or whatever it was because we wanted 00:21:50.001 --> 00:21:53.000 to start from scratch, be straightforward with the regulators. 00:21:53.001 --> 00:21:56.000 We wanted to build something a little bit different. 00:21:56.001 --> 00:22:00.000 And it took us a while to get here. 00:22:00.001 --> 00:22:05.000 And with the events in the Bitcoin community, there sort of felt like a 00:22:05.000 --> 00:22:06.001 convergence, right? 00:22:06.001 --> 00:22:12.001 That it took two years of Jordan and several others working really, really hard 00:22:12.001 --> 00:22:17.001 to get it so we could have an ATM machine that is still on a 00:22:17.001 --> 00:22:19.000 pallet someplace in a manufacturer. 00:22:19.001 --> 00:22:23.001 And it took me about 30 minutes to make an ATM machine for Bitcoin. 00:22:24.001 --> 00:22:28.000 I bought the little cash box and said, I'll put the sticker on it. 00:22:28.001 --> 00:22:30.000 Presto ATM machine. 00:22:30.000 --> 00:22:36.000 And it was like it's been a very interesting kind of world to see these two 00:22:36.000 --> 00:22:38.000 things in parallel. 00:22:39.000 --> 00:22:43.001 The more I learn about banks, they just take skim off of lots and lots of things. 00:22:44.000 --> 00:22:51.000 So, can we go and help the Bitcoin community by being something 00:22:51.000 --> 00:22:53.000 that would be useful in this world? 00:22:53.000 --> 00:22:54.000 And we don't know. 00:22:54.001 --> 00:22:57.000 And we don't know enough about the regulatory issues. 00:22:57.000 --> 00:23:01.001 But this is at all like what I saw through the whole development of the World 00:23:01.001 --> 00:23:05.000 Wide Web, which I participated in, or BitTorrent. 00:23:05.001 --> 00:23:06.001 It takes a while. 00:23:07.000 --> 00:23:08.001 And the regulators don't know either. 00:23:09.000 --> 00:23:13.000 And it really helps to have a legitimate player at the table. 00:23:14.000 --> 00:23:18.001 So, it doesn't all seem like Silk Road or, you know, when I talked about Bitcoin 00:23:18.001 --> 00:23:21.001 to my 18-year-old kid, he said, oh, yeah, you can buy weapons. 00:23:21.001 --> 00:23:23.000 It's like, shoot. 00:23:24.000 --> 00:23:24.001 You're missing. 00:23:25.000 --> 00:23:30.000 So, the idea of, you know, I think we've got a branding problem right now. 00:23:31.000 --> 00:23:33.001 And I think we've, maybe we have a reality problem. 00:23:33.001 --> 00:23:37.000 So, how do we go and make an efficient system work? 00:23:37.000 --> 00:23:40.000 I think of Bitcoin as the local currency of the Internet. 00:23:41.000 --> 00:23:44.001 Local currency in the full sense of that kind of, it reinforces a community. 00:23:45.000 --> 00:23:46.001 It tries to keep the money inside. 00:23:47.000 --> 00:23:49.001 It sort of really helps something new happen. 00:23:50.000 --> 00:23:51.001 And the Internet is innately distributed. 00:23:51.001 --> 00:23:54.001 So, the idea of a local, anyway, I think it's a cool idea. 00:23:55.000 --> 00:24:00.000 And so, if there's some way that we can use this credit union in that way, I 00:24:00.000 --> 00:24:02.001 think it might be one of the best things the Internet Archive has ever done. 00:24:03.000 --> 00:24:07.000 And just sort of add one more respectful thing to your question is, where we're 00:24:07.000 --> 00:24:11.001 different but not better is, weirdly enough, we're the first full-service credit 00:24:11.001 --> 00:24:13.001 union chartered in, and we're a 00:24:13.001 --> 00:24:15.000 federal charter, so we can operate anywhere, right? 00:24:15.000 --> 00:24:19.000 But we're in New Jersey, in New Jersey in 50 years, 5-0, right? 00:24:19.000 --> 00:24:23.001 So, we come out of the gate full-service, and a lot of credit unions, 00:24:24.000 --> 00:24:26.000 unfortunately, the smaller ones who were worried about, didn't. 00:24:26.001 --> 00:24:28.000 So, we have ATM cards, right? 00:24:28.001 --> 00:24:29.000 We have an ATM. 00:24:29.001 --> 00:24:30.000 We have online banking. 00:24:30.001 --> 00:24:34.000 We have every CD's and everything else in business accounts, everything else you 00:24:34.000 --> 00:24:38.000 could possibly want that, but in a less pretty package than Bank of 00:24:38.000 --> 00:24:40.000 America, that you could want. 00:24:40.001 --> 00:24:40.001 So, sorry. 00:24:43.000 --> 00:24:46.001 You're like my hero for so long, Mr. Tranell. 00:24:46.001 --> 00:24:48.001 It's wonderful to see you. 00:24:49.001 --> 00:24:54.000 One of the things I've been wondering about Bitcoin banking is, what kind of 00:24:54.000 --> 00:24:57.000 capital requirements are you going to be able to do loans and stuff like that 00:24:57.000 --> 00:25:02.000 when everything is based on these keys that are, have you guys thought about 00:25:02.000 --> 00:25:03.001 the sort of nuts and bolts of this thing? 00:25:05.000 --> 00:25:10.001 So, in terms of loans with Bitcoins, Jordan's been just trying to build a basic 00:25:10.001 --> 00:25:14.001 credit union and get that functioning, and I've been learning a lot about the 00:25:14.001 --> 00:25:17.000 Bitcoin community by really trying it and trying to 00:25:17.000 --> 00:25:18.001 get the local merchants on board. 00:25:20.001 --> 00:25:23.000 And it's been a real struggle to get local merchants on board. 00:25:23.001 --> 00:25:24.001 So, how do we go and have cards? 00:25:25.000 --> 00:25:27.001 How do we make it easier, I think, is some of what you're seeing here. 00:25:28.000 --> 00:25:29.000 But this is the most fun. 00:25:29.000 --> 00:25:32.000 Bitcoin, during 2013, is a blast. 00:25:32.001 --> 00:25:38.000 I remember going in 1991, it was in 1992, I think it was in the same section of 00:25:38.000 --> 00:25:41.000 the San Jose Convention Center about the internet. 00:25:42.000 --> 00:25:46.000 And it was the same sort of, you know, the tables looked like they were high 00:25:46.000 --> 00:25:49.001 school science projects, just like this. 00:25:50.000 --> 00:25:54.000 And it's just sort of cool to have people with the lights in their eyes saying, 00:25:54.000 --> 00:25:57.001 I'm not quite sure where it's going, but I want to be a part of it. 00:25:57.001 --> 00:25:59.000 Let's make something happen together. 00:25:59.001 --> 00:26:01.000 That one turned out really well. 00:26:01.001 --> 00:26:05.001 And I think that there's the same kind of energy and dynamic and 00:26:05.001 --> 00:26:07.001 fun is happening. 00:26:08.000 --> 00:26:11.000 You know, we should make sure that it stays fun, because that's what's going to 00:26:11.000 --> 00:26:14.000 get more and interesting people involved in our little field. 00:26:15.000 --> 00:26:19.000 And so, how the internet archive can be involved in this, beyond just, you know, 00:26:19.001 --> 00:26:22.000 making a sushi bar go Bitcoin, don't know. 00:26:23.000 --> 00:26:23.001 Okay, cool. 00:26:23.001 --> 00:26:25.001 I didn't even know you guys were going to be 00:26:25.001 --> 00:26:27.000 presenting here, and it's an awesome, great presentation. 00:26:27.001 --> 00:26:30.001 But I guess I know you guys are fans of open source at the internet archive, and 00:26:30.001 --> 00:26:32.001 I'm just wondering how radically open source is this 00:26:32.001 --> 00:26:34.001 bank going to be like, am I... 00:26:34.001 --> 00:26:35.000 Oh, okay. 00:26:35.001 --> 00:26:39.000 The way this thing works is online banking, like, I help contribute to that, or 00:26:39.000 --> 00:26:41.000 is that something that could ever... 00:26:41.000 --> 00:26:42.000 We could definitely use help. 00:26:42.001 --> 00:26:43.000 Just try our website. 00:26:43.001 --> 00:26:45.000 Okay, so the way that the... 00:26:45.000 --> 00:26:46.001 You know, unappreciated. 00:26:47.000 --> 00:26:47.001 Unappreciated. 00:26:47.001 --> 00:26:48.001 What can I say? 00:26:49.001 --> 00:26:50.000 Beautiful. 00:26:50.001 --> 00:26:51.001 No tech background. 00:26:52.000 --> 00:26:53.001 I built the damn website. 00:26:54.000 --> 00:26:54.001 Okay, all right. 00:26:55.000 --> 00:27:00.000 Okay, but what it is in terms of all of the back end infrastructure, so actually 00:27:00.000 --> 00:27:04.001 what manages the money and all of the things, is another member owned community. 00:27:05.001 --> 00:27:08.000 What is a credit union owned cooperative? 00:27:08.000 --> 00:27:08.001 [...] 00:27:09.001 --> 00:27:11.000 Called CU Answers. 00:27:11.001 --> 00:27:18.001 So the back end, when you go to the IAFCU. org, and you go 00:27:18.001 --> 00:27:25.001 and say, go to the online bank, it's called 24-7, then you'll basically 00:27:25.001 --> 00:27:31.001 leave our site to another thing, and that is a back end infrastructure, and they 00:27:31.001 --> 00:27:36.000 are non-profit and community oriented, but they are not open source. 00:27:36.001 --> 00:27:42.000 And so we are really kind of a thin facade, technically, on top of those guys. 00:27:42.000 --> 00:27:46.001 So those guys are the ones that handle all the check cashing, the debit card 00:27:46.001 --> 00:27:49.000 things, but you've put together all of these organizations 00:27:49.000 --> 00:27:50.001 and they're all sort of plugged together. 00:27:51.000 --> 00:27:53.000 Now, what should we do? 00:27:53.000 --> 00:27:59.000 We should probably go and start again and make an open source platform, or help 00:27:59.000 --> 00:28:03.000 out CU Answers and go and make them open source and fix it. 00:28:03.001 --> 00:28:06.000 But I think they're in Minnesota. 00:28:07.001 --> 00:28:08.000 They're in Michigan. Same thing. 00:28:09.000 --> 00:28:15.001 But to that end, if you're volunteering, they're actually semi-open source, 00:28:16.000 --> 00:28:19.001 meaning that they have to service 200 or other credit unions, because basically 00:28:19.001 --> 00:28:23.000 what happens is people got together, they built a platform and they said, great, 00:28:23.000 --> 00:28:25.000 let's distribute, it's the credit union model, right? 00:28:25.000 --> 00:28:26.001 Let's distribute it among as many people as possible. 00:28:27.000 --> 00:28:31.000 And they've actually opened up to us saying that they would like, they will take 00:28:31.000 --> 00:28:33.001 advice from us and maybe even make changes. 00:28:34.000 --> 00:28:37.001 So if you're volunteering, call me. You've got my information? 00:28:37.001 --> 00:28:42.000 Set up an account, try it out, get frustrated and do what we do. 00:28:42.001 --> 00:28:42.001 Fix it. 00:28:43.000 --> 00:28:43.001 Fix it. Exactly. 00:28:44.000 --> 00:28:44.001 Thanks, guys. 00:28:44.001 --> 00:28:45.001 We're up for it, right? 00:28:46.001 --> 00:28:46.001 Yes. 00:28:47.000 --> 00:28:52.000 I've got a friend who's a developer and an engineer who's looking for it. 00:28:52.000 --> 00:28:53.001 What kind of engineers are you hiring? 00:28:54.000 --> 00:28:54.001 Okay. 00:28:55.000 --> 00:28:59.001 So the Internet Archive Federal Credit Union isn't hiring anymore until we can 00:28:59.001 --> 00:29:02.000 figure out how to get all of the stuff going. 00:29:02.000 --> 00:29:05.001 But the Internet Archive is, and we're looking for anywhere from people that can 00:29:05.001 --> 00:29:10.001 run tens of petabytes and tens of gigabits, sort of back-end infrastructure and 00:29:10.001 --> 00:29:13.000 also the website, which also needs serious work. 00:29:13.001 --> 00:29:17.001 So yes, and that's the San Francisco-based place. 00:29:18.001 --> 00:29:24.000 This might be a silly question, but the Internet Credit Union, is 00:29:24.000 --> 00:29:25.001 it a Bitcoin credit union? 00:29:25.001 --> 00:29:29.001 And do I deposit Bitcoins at the credit union? 00:29:29.001 --> 00:29:31.001 That is a good question, and no, not yet. 00:29:32.000 --> 00:29:35.001 If we can figure out, and the reason why Jordan's here from beautiful New 00:29:35.001 --> 00:29:37.001 Jersey, to visit this sort of... 00:29:37.001 --> 00:29:39.000 I actually do live in the nice part of the shore. 00:29:39.001 --> 00:29:44.001 And is to figure out how we might be able to work back and forth. 00:29:44.001 --> 00:29:46.000 And there are some restrictions, though. 00:29:46.001 --> 00:29:53.001 It looks like the idea of Bitcoins being held by the Internet Credit Union 00:29:53.001 --> 00:29:58.001 on account for people may not be the easiest thing to get through the NCUA. 00:29:59.000 --> 00:30:04.001 So having some kind of partnership, so if we could hold money and do the sort of 00:30:04.001 --> 00:30:09.001 things that banks do, sort of now, but work with somebody else, but not to be 00:30:09.001 --> 00:30:13.001 sneaky, but to just sort of put together the right pieces in the same sense that 00:30:13.001 --> 00:30:16.001 we're putting all the right pieces together, we're hoping that that can work. 00:30:17.000 --> 00:30:22.000 And so we've had some very encouraging conversations with some of the people that 00:30:22.000 --> 00:30:24.000 are exhibiting here, and we want more. 00:30:24.001 --> 00:30:28.001 We're basically just trying to figure out how can we be maximally helpful and 00:30:28.001 --> 00:30:30.000 not turn into a smoking crater. 00:30:30.001 --> 00:30:34.001 So I'm just curious, like what is one possibility that you see? 00:30:34.001 --> 00:30:37.000 Like what could be enabled by a partnership? 00:30:38.000 --> 00:30:41.000 Exchanges that don't get nuked. 00:30:42.001 --> 00:30:42.001 Thanks. 00:30:44.000 --> 00:30:44.001 Ryan, go. 00:30:54.001 --> 00:31:00.000 So if you map their insured accounts to Bitcoin exchange accounts, you can have 00:31:00.000 --> 00:31:03.001 NCUA insurance of 250 grand on Bitcoin exchange accounts. 00:31:04.001 --> 00:31:08.000 So now even if the exchange gets shut down, the federal government is 00:31:08.000 --> 00:31:09.001 on the hook to give the money back to the users. 00:31:12.001 --> 00:31:13.000 Okay, that's one. 00:31:13.001 --> 00:31:18.000 There was another idea, which is what happens if you could have a debit card that 00:31:18.000 --> 00:31:23.000 basically, yes, it pays dollars, but your account in effect 00:31:23.000 --> 00:31:25.001 is denominated in Bitcoin. 00:31:26.000 --> 00:31:28.000 So you're taking the currency risk, if you will. 00:31:29.001 --> 00:31:30.001 That was your idea? 00:31:31.000 --> 00:31:33.000 So anyway, maybe it was your idea. 00:31:33.001 --> 00:31:39.001 So if there's a way of trying to make it so that there's an easier flow, and the 00:31:39.001 --> 00:31:41.001 transaction costs are really hard. 00:31:41.001 --> 00:31:45.001 We were just talking with a friend of mine, Mitra Ardran, who's building a 00:31:45.001 --> 00:31:49.001 distributed micro utility in developing countries. 00:31:49.001 --> 00:31:55.001 And how do you go and take two dollar things from people and 00:31:55.001 --> 00:31:57.001 not lose all of it through fees? 00:31:58.001 --> 00:31:59.001 Bitcoin can help. 00:32:00.000 --> 00:32:02.001 Would you take Bitcoin to security for a moment? 00:32:03.001 --> 00:32:07.001 So there's no one yet, so let's go to your idea, right? 00:32:08.000 --> 00:32:13.000 So one of the things that was floated out there would be, let's say you want to 00:32:13.000 --> 00:32:15.001 hold onto your Bitcoins and you want to live your life, right? 00:32:16.000 --> 00:32:19.001 One of the things that credit unions can do, and actually if you remember from 00:32:19.001 --> 00:32:23.001 the things for loans, right, is you could in effect take 00:32:23.001 --> 00:32:25.000 what's known as a shared secured loan. 00:32:25.000 --> 00:32:27.001 So you put a thousand dollars in the credit union, right? 00:32:28.000 --> 00:32:31.001 Sorry, you put some minimal amount, you borrow a thousand dollars from the credit 00:32:31.001 --> 00:32:34.001 union, you buy Bitcoins, you leave those Bitcoins wherever they are, right? 00:32:35.000 --> 00:32:37.001 We loan you that thousand dollars, and then you 00:32:37.001 --> 00:32:39.000 live off that thousand dollars, right? 00:32:39.000 --> 00:32:41.000 Or however much money that is. 00:32:41.000 --> 00:32:46.001 So in effect, we're not securitizing the thing with Bitcoins, right? 00:32:46.001 --> 00:32:52.000 But you can use that money that you had and then buy Bitcoins with it. 00:32:52.000 --> 00:32:55.000 Because once you take a loan from us, that's not our responsibility, what you do 00:32:55.000 --> 00:32:58.000 the loan, well, if you're nuking somebody it is, but if 00:32:58.000 --> 00:32:59.001 you're doing something illegal. 00:33:00.000 --> 00:33:01.000 Anyway, this is some of the ideas. 00:33:01.001 --> 00:33:05.000 And all of these ideas are for us completely new and interesting. 00:33:05.001 --> 00:33:09.001 And so we're trying to find what's the right thing, what would actually cause it, 00:33:10.000 --> 00:33:13.000 make it so that, you know, I could use Bitcoins all the time. 00:33:13.000 --> 00:33:13.001 [...] 00:33:13.001 --> 00:33:18.001 So do credit unions have the same type of covenants as banks? 00:33:18.001 --> 00:33:22.001 In other words, if you make a loan on, you know, a portfolio of Bitcoins that's 00:33:22.001 --> 00:33:27.000 worth $50,000 a day, it's a flash crash that's worth $5,000, would they call it a 00:33:27.000 --> 00:33:29.000 loan, or as long as it makes a payment [... ] the loan? 00:33:31.000 --> 00:33:33.001 So that's a further discussion, right? 00:33:34.000 --> 00:33:37.000 There are different, slightly different covenants for credit unions in general, 00:33:37.000 --> 00:33:40.001 but the example that I was giving before would be, if you had 00:33:40.001 --> 00:33:42.000 took out an unsecured loan, right? 00:33:42.000 --> 00:33:46.000 So the unsecured loan was essentially on you, and maybe a Bitcoin 00:33:46.000 --> 00:33:47.001 exchange secures your loan, right? 00:33:47.001 --> 00:33:50.000 So that you have the coins with them, right? 00:33:50.000 --> 00:33:53.001 And they basically act as your loan guarantor, right? 00:33:54.000 --> 00:33:56.001 And then therefore they can do that, and you can get the loan, and 00:33:56.001 --> 00:33:58.000 you can give them a co- we don't know yet, right? 00:33:58.001 --> 00:33:59.001 It's all vague ideas. 00:34:00.000 --> 00:34:02.000 And on that note, why don't we give our speakers a round of applause 00:34:02.000 --> 00:34:04.000 and move on to the last presentation. 00:34:04.000 --> 00:34:17.001 Thank you.